House price retreat casts doubt on recovery

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The cost of the average home fell for the first time in eight months in February, the country’s largest building society reported today, casting further doubt on the sustainability of the recent recovery in house prices.

Nationwide said that prices fell 0.2 per cent in February, taking the cost of the average home to £158,573. It was the first fall in prices since July last year and follows strong gains in December and January.

The pattern of a strong rise followed by a slight fall is similar to one highlighted by Halifax, which reported that house prices fell by 0.4